Rio de Janeiro has been selected as the host city for the 2016 Summer Olympics in a vote held today...Madrid was the runner-up, while Chicago and Tokyo were eliminated in the first and second rounds...The four cities of Chicago, Tokyo, Madrid and Rio de Janerio lobbied for the top spot and finally Rio de Janeiro bagged the top honours in the Olympics 2016 bid...This is the first time Olympics is going to the South America....Rio Olympic organizing committee has set its budget at $2.82 billion...Maracana soccer venue and Maracanazinho volleyball venue are two topspots for the olympics...
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